MESA, AZ--(Marketwired - Apr 20, 2017) - Iveda® (OTCQB: IVDA), worldwide enabler of cloud-based video surveillance and data management through the licensing of its Sentir® platform, today announced that Vietnam Posts and Telecommunications Group (VNPT), selected Iveda with its exclusive reseller in Vietnam for a nationwide Safe City initiative. Along with the selection is the signing of an agreement with the first two major cities for the deployment of Intelligent Traffic Solutions and video surveillance system. The project will start immediately with each city requiring equipment installation at key intersections; the remaining intersections will be scheduled according to deployment capacity until the agreement provisions are fulfilled.
Bac Giang has 90 intersections and Kien Giang has 200. Each intersection will garner revenue of U.S. $12,000 to $25,000 or more depending on traffic conditions.
"We estimate $3 to $5 million in revenue per small city and as much as $10 to $20 million per large city. If we deploy just one large city in every province, total revenue would be more than $600 million over the next four years," said Nguyen Tung, CEO of Iveda's exclusive reseller in Vietnam.
Iveda's announced win today is the result of a successful paid pilot program to evaluate surveillance cameras and traffic control technologies that was announced in November 2016. The pilot was conducted in the city of Bac Giang in collaboration with the city of Kien Giang.
"The government's decision to move forward with the nationwide safe city initiative was based on the performance of the hardware and software technologies we employed in the successful pilot," said David Ly, CEO of Iveda. "There is a government initiative, covering all 63 provinces throughout the country, for Intelligent Traffic Solution installations."
The government's initiative calls for all major cities to begin deployment as soon as possible. Every city in each province will have its budget based on their respective needs. VNPT and Iveda will earn contracts from each city to implement Intelligent Traffic Solutions and install video cameras for general surveillance use. Special cameras and sensors for reading license plates and detecting speed of vehicles and motorbikes will be installed at intersections throughout each city.
This initiative gives VNPT the opportunity to supply all of the telecommunications infrastructure including cable and fiber network for provisioning bandwidth and cloud services for data distribution and storage. Iveda and its exclusive reseller in Vietnam are responsible for the delivery of products and technology, as well as custom system design of the Intelligent Traffic Solutions and video surveillance system.
Vietnam is one of the fastest growing economic markets in the world and the government is motivated to improve traffic congestion and safety in the country to attract more tourists and international business.
"We look forward to working with VNPT and our exclusive reseller in Vietnam. We are honored to help the government of Vietnam fulfill their goal of improving safety and security to meet the needs of its growing economy," said Ly.
Iveda and Sentir are registered trademarks of Iveda Solutions, Inc. All other trademarks are property of their respective owners.
Iveda® (OTCQB: IVDA) licenses its Sentir® cloud video surveillance and data management platform. This enables service providers a plug-and-play cloud video surveillance offering for a monthly recurring revenue. Sentir utilizes a proprietary video streaming and Big Data storage technology. Iveda has a SAFETY Act Certification from the Department of Homeland Security as a Qualified Anti-Terrorism Technology Provider. Headquartered in Mesa, Arizona with a subsidiary in Taiwan, Iveda is publicly traded under the ticker symbol "IVDA." For more information call (480) 307-8700 or visit www.iveda.com. To follow Iveda visit www.facebook.com/ivedasolutions, www.twitter.com/ivedasolutions or www.linkedin.com/company/iveda-solutions.
This release includes forward-looking statements. Actual results may vary materially from those expected. Iveda's business is subject to significant risks and uncertainties described more thoroughly in the Company's SEC filings, including but not limited to its report on Form 10-K for the year ended December 31, 2015 and its subsequently filed quarterly reports on Form 10-Q. All forward-looking statements made herein are qualified by such risk factors, and readers are advised to consider such factors carefully. Iveda undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.